Coronado Industries purchased equipment on November 1, 2020 and gave a 3-month, 7% note...
60.1K
Verified Solution
Link Copied!
Question
Accounting
Coronado Industries purchased equipment on November 1, 2020 and gave a 3-month, 7% note with a face value of $90000. The December 31, 2020 adjusting entry is O debit Interest Expense and credit Cash, $1050. Odebit Interest Expense and credit Interest Payable, $1575. O debit Interest Expense and credit Interest Payable, $6300. O debit Interest Expense and credit Interest Payable, $1050.
Coronado Industries purchased equipment on November 1.2020 and gave a 3 month, 7% note witha face value of $90000. The December 31,2020 adjusting entry is debitinteiest Expense and credit Cash, 51050 debit interest Expense and credit interest Payable. 11575. debit Interest Expense and credit interest Payable. $6300. debit interest Expense and credit interest Payable, $1050
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
